Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    142 Center St Ithaca, MI 48847

    • Commercial real estate
    • 0.13 lot acres
    For Sale
    View listing
    $214,900
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-3200594
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Daric's Barber Shop / Barber Shop
    • Captured Memories by Jacqueline, LLC Photography / Photography Studio / Photographer
    • Wagon Wheel Cafe / Family Restaurant

    Property Details for 142 Center St

    Lot size
    0.13 lot acres
    Property type
    Commercial real estate
    APN
    52-010-136-00
    APU
    5201013600

    Description

    This 5,198 sq ft, three-story industrial building in Ithaca, MI, presents a compelling investment opportunity. Situated on a 0.13-acre lot with high daily traffic (approximately 7,000 cars), the property currently generates a combined monthly rental income of $1,025 from two tenants. The ground floor previously housed a fully equipped restaurant (118-seat capacity, two bathrooms) and a two-room office with a bathroom, each generating approximately $400 in monthly rent. The second floor includes a one-bedroom, one-bathroom residential unit ($625/month) and a tie-dye studio with a bathroom ($400/month). A former photo studio occupies the third floor, generating $200/month in rent. All tenants are on month-to-month leases, offering flexibility for future income growth. The property benefits from recent upgrades, including a new AC unit upstairs (2024) and a new furnace downstairs (2024). Estimated annual property taxes are $3,500. This multi-use building offers significant potential for investors and entrepreneurs alike, with the possibility of adding three additional tenants. The building's diverse layout and prime location make it an attractive proposition in a bustling area.

    Value Estimations

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Ithaca
    County
    Gratiot
    State
    Michigan
    Longitude
    -84.6065
    Latitude
    43.2913
    CBSA code
    10940
    CBSA name
    ALMA, MI MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $3,109
    $0.00
    $0.00
    $88,500
    -
    $0.00
    $0.00
    $177,000

    Comparable in this City

    • Value Estimation by Request
      1.17 Acres

      Ithaca, MI 48847

      COMMERCIAL (GENERAL) • 1.17 Acres
      Ithaca, MI 48847
      View Details
    • Value Estimation by Request
      0.06 Acres

      Ofc St Pne Riv St

      COMMERCIAL (GENERAL) • 0.06 Acres
      Ofc St Pne Riv St, Ithaca, MI 48847
      View Details
    • Value Estimation by Request
      0.05 Acres

      Ss Pne Riv St

      COMMERCIAL (GENERAL) • 0.05 Acres
      Ss Pne Riv St, Ithaca, MI 48847
      View Details
    • Value Estimation by Request
      0.03 Acres

      105 Jeffery Ave

      COMMERCIAL (GENERAL) • 0.03 Acres
      105 Jeffery Ave, Ithaca, MI 48847-1439
      View Details
    • Value Estimation by Request
      0.06 Acres

      136 Main St

      COMMERCIAL (GENERAL) • 0.06 Acres
      136 Main St, Ithaca, MI 48847-1425
      View Details
    • Value Estimation by Request
      0.30 Acres

      114 Main St

      COMMERCIAL (GENERAL) • 0.30 Acres
      114 Main St, Ithaca, MI 48847-1132
      View Details

    Similar Nearby for Sale

    • $645,000
      36,614 SF

      Versatile Industrial Building in Ithaca

      36,614 SF building with office space and drive-in doors.
      212 South Pine River St, Ithaca, MI 48847
      View Details
    • $140,000
      1.41 Acres

      Ithaca Shopping Center Land

      Prime 1.41-acre commercial lot, redevelopment opportunity.
      1338 Center St, Ithaca, MI 48847
      View Details
    • $1,000,000
      3,350 SF

      Ithaca Restaurant - $1M Asking Price

      Established Restaurant, High Visibility, US-127 Access
      1335 Center St, Ithaca, MI 48847
      View Details
    • $2,500,000
      5,500 SF

      Steel Art Studio and Retail

      Thriving artisan enterprise with retail destination in Ithaca, Michigan.
      5348 S Bagley Rd, Ithaca, MI 48847
      View Details
    • $214,900
      5,198 SF

      Ithaca Industrial Multi-Use Building

      High-income potential, versatile space.
      142 Center St, Ithaca, MI 48847
      View Details
    • $150,000
      1,890 SF

      Ithaca Industrial Corner Lot

      High-visibility, 1890 sq ft industrial building.
      1126 Center St, Ithaca, MI 48847
      View Details

    Similar Nearby for Lease

    • $1,500 /Mo
      2,650 SF

      Downtown Ithaca Retail/Office Space

      Prime commercial space in downtown Ithaca, adaptable for various businesses.
      105 E Center St, Ithaca, MI 48847
      View Details
    • $1,150 /Mo
      1,050 SF

      Downtown Ithaca Office Space Available

      Move-in ready office suite in downtown Ithaca available October 1, 2025.
      146 E Center St, Ithaca, MI 48847
      View Details
    • $775 /Mo
      2,852 SF

      Downtown Ithaca Retail/Office Space

      Prime 700 SF retail/office space in downtown Ithaca.
      108 Center St E, Ithaca, MI 48847
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    142 Center St
    Ithaca, MI 48847
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.